Gucci accept cryptocurrencies at its US stores
Gucci will accept cryptocurrencies in its United States stores and it will be from the end of May. It will also adopt this payment option in all of its North American stores this summer.
Gucci will accept cryptocurrency payments in the United States starting this month. . In principle, you can pay with bitcoin, bitcoin cash, ether, dogecóin, shiba inu, among others.
New York and other cities
Customers of some stores in New York, Los Angeles, Miami, Atlanta and Las Vegas will be able to pay with digital tokens from the end of May, the Italian fashion house reported in a statement and aspires to opt for this payment option in all its stores. North American stores this summer.
The company joins fashion designer Philipp Plein, whose online store began accepting crypto payments in 2021. Plein said in an interview in late April that he expects purchases made with digital tokens to increase this year, and that accepting cryptocurrency had won him over. his company “many new customers” in the crypto community.
Cryptocurrencies as an opportunity
Kering CEO François-Henri Pinault said in February that Gucci and other fashion houses like Balenciaga had innovation teams looking at opportunities related to the metaverse and web3, versions of the internet built around blockchain technology. , cryptocurrencies and non-fungible tokens.
“We are in a very early stage of what can happen, nothing is certain,” Pinault said at the time. The approach taken by Kering and its brands is more one of “try and learn” than “wait and see,” he acknowledged, adding that cryptocurrency payments have “very strong” legal and tax implications.
Cryptocurrencies and new generations
The decision to embrace crypto payments shows how luxury brands are trying to appeal to younger generations of consumers by catering to emerging trends, such as creating outfits for digital characters. But not all luxury groups are convinced. Axel Dumas, the chief executive of Hermes, warned earlier this year about the risk of “hype” around the metaverse, saying it could be a way to make “easy money”.
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Gucci generated more than half of Kering’s revenue in the first quarter of this year. The fashion house has recently been hit by lockdowns in China, where the government has struggled to contain a resurgence of Covid-19.
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